Sara Lee Said to Get Apollo Bid Close to $20 a Share |
| Bloomberg - Jan 24, 2011 |
Sara Lee Corp. received a takeover bid from Apollo Global Management LLC, Bain Capital LLC and TPG Capital that is higher than the food company’s most recent closing share price of $18.70, said three people with knowledge of the matter.
The offer gets close to the $20 a share that Sara Lee’s board is seeking, said one of the people, who declined to be identified because the process is private. JBS SA, the Brazilian meat processor, is considering a revised bid backed by Blackstone Group LP, the people said. Downers Grove, Illinois- based Sara Lee has a market value of about $12 billion.
Sara Lee’s board plans to meet Jan. 27 to review any bids as well as consider spinning off its coffee business, one person said. A purchase would give Apollo a company with products such as Jimmy Dean breakfast foods and Ball Park hot dogs, as well as coffee. The profit margins and growth prospects of Sara Lee’s coffee division may have attracted Apollo, John Baumgartner, an analyst at Telsey Advisory Group in New York, said this month.
Read Full Article from Bloomberg
- Posted: 2011-01-24 10:38:50
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
